信达证券研报指出，赛轮轮胎2025年上半年实现归母净利润18.31亿元，同比-14.90%，2025Q2实现归母 净利润7.92亿元，同比-29.16%，环比-23.77%。产能释放有力支撑业绩，Q2产销量与收入均创新高。截 至2025半年报，公司在海外的越南、柬埔寨、印尼、墨西哥和埃及共规划年生产975万条全钢子午胎、 4,900万条半钢子午胎和13.7万吨非公路轮胎的生产能力，是目前海外布局产能规模最大的中国轮胎企 业。认为公司持续加深全球化产能布局是未来业绩增长的核心动力，全球化的产能布局有望助推公司在 全球市场更快速更稳健的成长。在渠道方面，公司创新性搭建了直营/合资公司数字化系统，实现20余 家子公司全业务链贯通，并与部分代理商实现数据对接，构建"客户-渠道-仓储-物流"四位一体的高效协 同网络。我们认为这能使得渠道端可以更顺畅传导产品升级理念，助力公司长期品牌力提升。维持"买 入"评级。 ...

证券研究报告 海信视像 (600060 CH) 电视盈利质量改善，新成长曲线延展 2025 年 8 月 26 日│中国内地 视听器材 公司公布上半年业绩：25H1 实现营收 272.31 亿元（同比+6.95%），归母 净利 10.56 亿元（同比+26.6%），其中，25Q2 营收同比+8.59%，归母净 利同比+36.72%，盈利能力持续改善。公司凭借大屏化、高端化布局和新显 示业务扩张，在收入端保持稳健增长，并在毛利率和归母净利率均改善的情 况下实现盈利能力提升。我们认为，公司在产品升级+新业务多元化+全球 化产能布局的三重驱动下，有望继续在行业分化中保持优势。维持"增持" 评级。 电视：结构升级支撑稳健增长 公司电视业务表现稳健。1）25H1 公司继续保持国内第一的电视零售份额 （奥维云网），品牌价格指数提升，显示出中高端产品竞争力。展望 Q3， 根据奥维云网数据，25W27-W33(6.30-8.17)海信/Vidda 线上+线下 KA 零售 额分别同比+20.3%/+6.89%，零售价分别同比+12.5%/+17.4%。我们继续 看好需求结构升级趋势延续，国内收入增长可期。2）海关总署数据显示， ...

证券研究报告 永艺股份 (603600 CH) 外销平稳增长，自主品牌快速发展 | 华泰研究 | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 26 日│中国内地 | 家居用品 | 目标价(人民币): | 15.52 | 公司公布上半年业绩：收入 21.89 亿元/同比+6.7%；归母净利润 1.33 亿元/ 同比+4.9%，对应归母净利率 6.1%/同比-0.1pct。其中二季度公司实现收入 11.78 亿元/同比-1.4%；归母净利润 0.75 亿元/同比-10.3%。上半年在贸易 政策不确定性提升、终端需求承压的背景下，公司外贸收入实现稳增，内贸 收入实现较快增长，凸显经营韧性；Q2 收入同比略有下滑，我们判断主要 是关税政策不确定性增加导致渠道商备货相对审慎所致。我们认为，外贸端 公司全球化产能布局领先，越南工厂已实现对美订单的全覆盖，罗马尼亚生 产基地正加快新品导入和产能爬坡，同时大力开拓非美客户、发力跨境电商 等，有望稳步扩大业务规模；内贸端加快自主品牌建设，内贸收入有望延续 亮眼表现，维持"增持" ...

本报记者邬霁霞见习记者王楠 近年来，涛涛车业加速构建"中国+东南亚+北美"的全球化产能布局，海外产能建设不断完善。今年上 半年，涛涛车业推动北美本土化制造加速落地，其美国工厂全力推进电动高尔夫球车组装生产，通过人 员有效组织与工序节拍优化，产线日均产能实现稳步增长，为满足北美区域市场快速交付需求提供重要 支撑。 与此同时，涛涛车业还进一步完善东南亚地区产能布局。今年1月，涛涛车业通过旗下公司成立新加坡 孙公司TBLAZER（SG）PTE.LTD.和泰国孙公司TRAILBLAZER VEHICLES（THAILAND）CO.， LTD.，并在泰国投资建设生产基地。目前，泰国春武里府"开拓者"自有生产基地建设正有序推进，该生 产基地计划于2026年2月基本建成，正式投产后将与现有的越南工厂形成东南亚双枢纽架构，显著增强 对美国市场的供应能力。 盘古智库（北京）信息咨询有限公司高级研究员江瀚对《证券日报》记者表示，涛涛车业强化东南亚制 造枢纽建设，在分散地缘政治风险的同时，还能与北美和国内的生产基地形成产能协同网络，提升公司 的供应链韧性。此外，东南亚基地作为辐射亚太地区的重要枢纽，还可助力公司拓展新兴市场，进一步 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 赛轮轮胎(601058.SH) 投资评级 买入 上次评级 买入 [Table_Author] 张燕生 化工行业首席分析师 执业编号：S1500517050001 邮箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 邮箱：hongyingdong@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 浮云难蔽日，扬帆向鹏程 [Table_ReportDate] 2025 年 8 月 26 日 [Table_S 事件：202ummar 5 年y]8 月 25 日，赛轮轮胎公布 2025 半年报。公司 2025 年上半 年实现营业总收入 175.87 亿元，同比+16.05%，归母净利润 18.31 亿元， 同比-14.90%。公司 2025Q2 实现营业总收入 91.75 亿元，同比+16. ...

营收高速增长，盈利能力短期承压 亚世光电（002952）(集团)股份有限公司(股票代码：002952)发布2025年半年度报告，上半年实现营业 收入4.32亿元，同比增长30.01%，展现出强劲的市场扩张势头。然而，受电子纸业务毛利率下滑及费用 增长影响，归属于上市公司股东的净利润为538.04万元，同比下降36.21%，出现"增收不增利"局面。尽 管短期利润承压，公司在电子纸新赛道的快速放量、全球化产能布局及技术储备方面的进展，成为本期 财报的突出亮点。 电子纸业务成为核心驱动力 分产品看，电子纸显示模组业务收入达2.10亿元，同比暴增103.01%，占总营收比重升至48.63%，几乎 与传统液晶业务(50.29%)平分秋色，标志着公司第二增长曲线正式确立。该业务产品应用于智慧零售、 智慧公交、智慧办公等领域，具备超低耗电、类纸质显示等特性，契合物联网智能化发展趋势。 截至报告期末，公司及子公司已获境内专利149项(发明专利23项)，并拥有ISO9000、ISO14000、IATF ISO/TS16949等认证，技术储备与质量管理体系为持续获取订单提供坚实支撑。 在全球化产能布局方面，越南孙公司资产总额达1 ...

投资要点： 澳毛价格已步入反弹，有利于公司释放额外盈利弹性。下游去库存之后的库存水位不高，且历史上美元 指数转弱有助于需求回暖、价格回升，当前多种细度规格的毛价此前已跌至历史底部，一旦需求改善具 备弹性空间。根据中国羊毛信息网，澳毛价格8/21 最新报价804 美 钆 V櫳分/公斤，年内涨幅已有 10%。 全球毛纺纱线专业供应商，将竞争力复制向全球化，维持"买入"评级。考虑下游需求景气情况，我们小 幅下调盈利预测，预计25-27 年归母净利润4.4/5.0/5.6 亿元（原为4.5/5.1/5.8 亿元），对应PE 为10/9/8 倍，维持"买入"评级。 风险提示：羊绒业务不及预期；下游订单走弱；原材料价格波动；关税风险；汇率风险。 根据公司中报，主要业务情况：1）毛精纺纱：25H1 营收14.3 亿元（同比-3.1%），毛利率28.8%（同比 +1.7pct），销售考核强调以利润为导向，订单结构持续向高附加值优化，盈利能力继续上行。2）羊绒 纱：25H1 营收7.9 亿元（同比+16.0%），毛利率13.5%（-0.7pct），羊绒起步阶段增速更快、而利润率 仍低，随着宁夏基地全年满产，以及英国邓肯与BAR ...

Core Viewpoint - The company is expected to face challenges in profitability due to trade barriers and raw material costs, but it is also making strides in global capacity expansion and innovative product development, particularly with its "Liquid Gold" tire technology [2][4][5][6]. Group 1: Performance Forecast - The company disclosed a profit forecast for H1 2025, expecting a net profit attributable to shareholders of 1.83 billion yuan, a year-on-year decrease of 14.94%, and a non-recurring net profit of 1.81 billion yuan, down 11.79% year-on-year [2]. - For Q2 2025, the company anticipates a net profit of 792 million yuan, representing a year-on-year decline of 23.78% and a quarter-on-quarter decline of 29.18% [4]. Group 2: Analysis and Judgments - The decline in profits is attributed to a 25% tariff on parts exported to the U.S. and a 4% year-on-year decrease in the weighted average index of raw materials for H1 2025, with costs expected to remain stable compared to H1 2024 [4]. - The company is focusing on optimizing overseas production capacity and promoting high-value-added products to mitigate the impact of these challenges [4]. Group 3: Global Expansion and Product Development - The company has a production capacity exceeding 70 million tires, with facilities in various locations including Qingdao, Dongying, and Vietnam, and is on track to meet its mid-to-long-term capacity goals [5]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-road tire sector [5]. - The "Liquid Gold" tire technology has been recognized for its performance improvements, including a reduction in rolling resistance and enhanced durability, contributing to increased brand strength [6]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with net profits expected to be 4.21 billion, 4.93 billion, and 5.76 billion yuan [7]. - The earnings per share (EPS) are projected to be 1.28, 1.50, and 1.75 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [7][8].

Investment Rating - The report initiates coverage on Crystal International, assigning a "Buy" rating with a target price of HKD 7.38, corresponding to a 12x PE for 2025E [1][7]. Core Views - Crystal International is a leading global garment manufacturer with over 30 years of deep collaboration with Uniqlo, operating more than 20 factories across Vietnam, China, Cambodia, Bangladesh, and Sri Lanka, ensuring ample overseas production capacity [1][22]. - The company has strategically entered the sportswear segment through the acquisition of Vista in 2016, enhancing its self-sufficiency in fabric production and expanding its client base to include major brands like Adidas, Nike, and Lululemon [2][17]. - The report anticipates a significant increase in the company's dividend payout ratio from 31.5% in 2021 to 70.1% by 2024, reflecting a commitment to enhancing shareholder returns [1][20]. Summary by Sections Company Overview - Crystal International, established in 1970, has diversified its product offerings to include sweaters, casual wear, denim, underwear, and sportswear, delivering over 470 million garments annually [17][22]. - The company has a robust global presence with production facilities in various countries, which mitigates risks associated with trade uncertainties [21][22]. Market Position and Growth Potential - The global sportswear market is projected to grow at a CAGR of 6.3% from 2024 to 2028, reaching USD 313.1 billion, indicating a favorable environment for the company's growth [2][18]. - Crystal International's unique "Co-creation" model allows for deep involvement in clients' R&D and design processes, strengthening its ODM capabilities and customer loyalty [2][18]. Financial Performance and Projections - The report forecasts net profits for Crystal International to grow by 15.7%, 15.1%, and 11.6% from 2025 to 2027, reaching USD 2.3 billion, USD 2.7 billion, and USD 3.0 billion respectively [5][17]. - The company's revenue from sportswear is expected to increase from 9.6% to 22.5% of total revenue between 2018 and 2024, with a corresponding rise in gross margin from 18.6% to 19.7% [3][19]. Competitive Advantages - Crystal International's long-standing relationship with its largest client, maintaining a stable revenue contribution of around 30%, reduces dependency risks [4][21]. - The company benefits from a significant overseas workforce (84%) and a diversified production base, which enhances its competitive edge in the global market [4][21].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 10 for 2025 [7][5]. Core Views - The company's performance in H1 2025 is in line with expectations, with a forecasted net profit of 1.83 billion yuan, down 14.94% year-on-year. The decline is attributed to trade barriers and raw material costs [3][4]. - The company is steadily advancing its globalization strategy, with production capacity exceeding 70 million tires and ongoing projects in Vietnam and Cambodia [4][5]. - The introduction of the "Liquid Gold" tire technology enhances brand strength and addresses long-standing industry challenges, improving fuel efficiency and safety [5][4]. Financial Forecasts - Revenue projections for 2025-2027 are 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with corresponding net profits of 4.21 billion, 4.93 billion, and 5.76 billion yuan [6][10]. - The expected EPS for 2025, 2026, and 2027 are 1.28, 1.50, and 1.75 yuan, respectively, with PE ratios decreasing from 10 to 8 over the same period [6][10]. - The company anticipates a revenue growth rate of 14.9% in 2025, followed by 14.5% in 2026 and 10.3% in 2027 [6][10].